Where 19% of Local Tax $ Goes? Pensions
While many employees in the private sector sock away part of their incomes into 401(k)s and IRAs for retirement, full-time government employees can bank on a pension that is guaranteed to support them for the rest of their lives.
But pensions for public workers are a sore spot for some homeowners, who have to foot part of the pension bill through their property taxes. Naperville city pensions – for police officers, firefighters, public works employees and other nonsafety personnel – account for about a combined 19 percent, or $9 million, of the city’s $47.4 million 2007 tax levy.
Read More...